Allianz Research

Volle Kraft voraus:
Global Wealth Report 2025

Dual circulation: China’s way of reshoring?

Over the long run, the Chinese economy is facing two key challenges: declining potential growth and a deteriorating external environment. Our growth potential model suggests China’s GDP growth is likely to average between +3.8% and +4.9% over the coming decade (after +7.6% in the 2010s), due to declining labor supply and slowing productivity and capital investment. 

 

Sporting goods are a rare bright spot in Covid times

Sporting goods are one of the rare winners from the Covid-19 outbreak amid a decimated discretionary retail industry: we expect U.S. retail sales of sporting goods to hit an all-time high of USD48bn in 2020. 

 

The transatlantic spread: Pricing in inflation (un)certainty

The transatlantic yield spread between the U.S. and the Eurozone narrowed by over 80bp until mid-September but has clearly re-widened lately. The prevailing view among market participants seems to be that this divergence reflects a divergence in economic momentum as the Eurozone is heading for a double dip.